Food and retail conglomerate Uni-President Enterprises Corp. (1216-TW) announced its first-quarter financial results for 2022 on Wednesday (May 11), reporting net income after tax of NT$4.234 billion, up 25.34% QoQ and down 21.67% YoY, and net income per share of NT$0.75.
President Chain Store Corp. (2912-TW) reported the most severe profit decline among the major subsidiaries under the business group. In contrast, Ton Yi Industrial Corp. (9907-TW) reported the largest profit growth in the first quarter.
Uni-President’s revenue for the first quarter of 2022 was NT$124.204 billion. Gross margin was 32.63%, an increase of 1.24 percentage points QoQ and a decrease of 1.27 percentage points YoY. Net income after tax was NT$4.234 billion, up 25.34% QoQ and down 21.67% YoY. Net income per share was NT$0.75.
According to Uni-President, revenue for the first quarter of 2022 was NT$12.404 billion, up 7.6% from the same period last year, with 9.5% growth in the Food Division and 3% growth in the Distribution Division. The Packaging Division, led by Ton Yi Industrial, had a 38.2% annual growth in revenue, which was the most impressive.
In terms of profit contribution, Ton Yi Industrial reported a net income of NT$621 million in the first quarter, an increase of NT$435 million compared to the same period last year. The good results came from an increase in the sales price of iron and steel products, which boosted revenue and gross profit.
President Chain Store’s after-tax net income decreased by NT$539 million or 19.9% to NT$2.170 billion in the first quarter compared to the same period last year. The decrease originates from recognizing the loss from the Carrefour warehouse fire, as the insurance claim has not been approved and recorded yet.